By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Independent voices from the TWT Communities
"The cash equities business in America has effectively been obliterated," said Thomas Caldwell, chairman of Caldwell Securities in Toronto and a shareholder in the New York exchange's parent company, NYSE Euronext.
The stature of the New York exchange has been dwindling for years because of intensifying competition, a harsher regulatory environment and the declining popularity of stocks as an investment, Caldwell said.